Credit Histories for Women

Under
the Equal
Credit Opportunity Act, reports to credit bureaus must be made in
the names of both husband and wife if both use an account or are responsible
for repaying the debt. Some women who are divorced or widowed may not
have separate credit histories because their credit accounts were listed
only in their husbands' names. But divorced and widowed women can still
benefit from such a record. Under the Equal Credit Opportunity Act, creditors
must consider the credit history of accounts women have held jointly with
their husbands. Creditors must also look at the record of any account
held only in the husband's name if a woman can show that it also reflects
her own creditworthiness. If the record is unfavorable-for example, if
an ex-husband is a bad credit risk-she can try to show that the record
does not reflect her own creditworthiness. Remember that a wife may also
open her own account to ensure starting her own credit history.